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> Mr Musk said: "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat [government-controlled] currency" Bitcoin enthusiasts are very excite
by samvher 6y ago
> Mr Musk said: "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat [government-controlled] currency"
Bitcoin enthusiasts are very excited about this (e.g. on /r/CryptoCurrency)
- Nursie 6y agoI imagine so, there have been relatively few instances in which merchants were interested in selling directly for bitcoin, rather than using an intermediary to process the amount straight to a national currency.
- anddddd1 6y agoCoinbase is already running out of bitcoin to sell.
- chii 6y agoi guess i will eat my words - i thought that tesla would never actually accept bitcoins directly. I stand corrected.
- purple_ferret 6y agoI'm sure Elon Musk is not fond of having to go through Coinbase to buy bitcoin. He seems to have a disdain for financial middlemen and any tech leader not named Elon Musk. This allows for bitcoin to be put directly into Tesla's wallet with no cost to them.
- camjohnson26 6y agoMassively raises the risk of a hack or internal theft though.
- WinstonSmith84 6y agoplease explain how this shall be orchestrated on a multi-sig wallet, it's not like they do not already have more than 1.5 billions worth of USD already...
- camjohnson26 6y agoHow do I know what wallet they’re using or if they’re using multi-sig? 1.5 billion makes them a bigger target. Just takes one mistake and the keys have to be stored somewhere.
- alwillis 6y agoCompanies are using custodians to hold large amounts of bitcoin; they usually don't hold it directly. It’s certainly held offline in cold storage.